Interest against House Rent from Children used Jointly allowable

Md. Hussain Habib Pathan Vs ACIT (ITAT Mumbai) The issue under consideration is raised by the assessee in respect of house property income qua the assessee’s residential house property, i.e., A/1-5, Prithvi Apartments, at Mumbai. The assessee has claimed a loss of Rs.15,32,120 qua the said property on account of interest (on borrowed capital) at Rs. 21,62,120, adjusting it against the rental income of Rs. 9 lakhs. The said rent was, on the basis of a field enquiry by the Assessing Officer (AO), found to be from the assessee’s major son, Roman Pathan and major daughter, Neha Pathan, residin...